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An IP address is a numerical label assigned to each device connected to a computer network that uses the Internet Protocol for communication. In the video series 'You SUCK at Subnetting', Episode 1 covers IP address classes A, B, C, D, and E, which determine the size of the network and the number of possible host devices. It also explains the network and host portions of an IP address, along with the subnet mask, which is crucial for dividing the IP address into these portions. This content is relevant to those studying for the CCNA 200-301 exam.

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